Like other U.S. giants, Disney is implementing a major restructuring including the Metaverse team. A restructuring to reduce its operating costs by 5.5 billion dollars, and lay off 7,000 employees over the next two months.
As a reminder, in mid-2022, Disney began developing its Metaverse strategy, with Polygon being chosen as the blockchain of choice. Moreover, this commitment was further strengthened in September 2022 when it posted a job opening for an in-house NFT and DeFi attorney position . Despite this apparent effort, the following year, Disney’s Metaverse plans remained unclear, as reported by the Wall Street Journal.
Indeed, with more than $80 billion in revenue by 2022, Disney had substantial resources to invest in the emerging field of the metaverse.
Disney is carrying out a restructuring, which will result in the dismissal of 7,000 employees. This plan is in line with the cost-cutting programs decided in recent months by the major American players, including those in technology.
Among these job cuts, Disney is cutting its team dedicated to the metaverse. In total, 50 employees are leaving, according to the Wall Street Journal. It is also, therefore, a bracketing of Disney’s projects on Web3 and the metaverse.
